“Super Committee” to manage US$220 billion state capital

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Nguyen Tung 14:11, 2018/02/03

State Capital Management Committee—dubbed as the “Super Committee”—will supervise state assets worth up to VND5,000 trillion (US$220 billion), informed Deputy Minister of Planning and Investment Nguyen The Phuong.

As such, the Committee will operate differently than the current State Capital Investment Corporation (SCIC) under the Ministry of Finance, said Phuong at the government’s press conference on February 2.

Illustration photo.

Previously, the Ministry of Home Affairs has submitted to the government the draft resolution on the establishment of the Committee, which is expected to be approved in the second quarter of 2018.

“The Committee is a specialized agency acting as the representative of the State, the owner of State-owned enterprises (SOEs), and capital contributor to enterprises, while SCIC, the company managing state capital in equitized SOEs, will be under the management of this committee,” Phuong added.

It is expected that 22 state-owned economic groups and general corporations operating in the fields of energy, transport, agriculture, and food will be put under control of the super committee.

They currently belong to five ministries, including the Industry and Trade (MoIT), Transport (MoT), Agriculture and Rural Development (MARD), Finance (MoF), and Information and Communication (MIC). Most of the names on the list are enterprises belonging to MoIT and MoT, comprising of six groups and six general corporations. Fifteen names on the list are enterprises where the state still holds a 100% stake.

These include Electricity of Vietnam (EVN) and PetroVietnam, the two largest state-owned conglomerates in terms of stockholder equity (VND431 trillion or US$18 billion and VND205 trillion or US$9 billion, respectively, according to the 2016 audited reports) and total assets (VND770 trillion or US$33.8 billion and VND692 trillion or US$30.3 billion).

On January 15, Prime Minister Nguyen Xuan Phuc issued Decision No.66 setting up the working group tasked with establishing the State Capital Management Committee. Deputy Prime Minister Vuong Dinh Hue was appointed as head of the working group and Nguyen Hoang Anh, the would-be Chairman of the Committee, as standing deputy head.

Other deputy heads include Minister Mai Tien Dung, head of the Government Office; Nguyen Chi Dung, Minister of Planning and Investment; and Dinh Tien Dung, Minister of Finance.

The members of the working group are as follow:

Nguyen Duy Thang, Deputy Minister of Home Affairs;
Le Tien Chau, Deputy Minister of Justice;
Cao Quoc Hung, Deputy Minister of Industry and Trade;
Dao Minh Tu, Deputy Governor of State Bank of Vietnam;
Nguyen Duc Chi, chairman of State Capital Investment Corporation (SCIC);
Hoang Thi Ngan, director of the Government Office's Department of State Administrative Organisation and Public Affairs.

The team supporting the working group consists of nine people, representing the Government Office and relevant government agencies.

The working group is tasked with providing advisory to the Prime Minister on the establishment of the Committee on State Capital Management and will be dissolved after the completion of its task.

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